Tenants and landlords should 'work together' to tackle arrears

They say two heads are better than one when it comes to solving a problem, and the National Landlords Association (NLA) are encouraging landlords to adopt this approach if their tenants are falling into arrears.

After the NLA's latest Landlord Panel found that - based on an average portfolio being comprised of 12 separate assets - a typical landlord has four properties in which occupiers are experiencing problems with their rent, the organisation advises that owners sit down with tenants in an attempt to find a solution to the problem.

David Salusbury, NLA chairman, said: "Landlords who work collaboratively with their tenants towards sustaining the tenancy for the long term will encourage prosperous tenancies.

"It is professional and collaborative working that will help ensure the private rental market remains a promising investment opportunity."

Given that tenant arrears can leave landlords exposed to losses and even result in them struggling to keep up with their own commitments to buy-to-let lenders, it's important to tackle any rental problems as soon as they arise.

And seeing as working with tenants is highlighted as an effective way of combating the issue, it could be that landlords attempt to take a more understanding approach when people start to fall behind with their rent by finding a solution that works for both parties.

Yet as well as taking steps to avoid tenants falling into arrears, there are also a variety of other measures landlords can implement to prevent themselves from ending up in the red.

Landlord insurance is an effective means of avoiding any extensive costs that can result from damage to property, and this can be particularly vital given the expensive nature of structural repairs that sometimes become a necessity.

Indeed, such policies prevent landlords from having to foot extensive bills and so boost their chances of maintaining profits even if unexpected problems emerge.